SOURCE: MediaNet Group Technologies Inc.

July 11, 2006 08:00 ET

MediaNet Group Subsidiary Processed $1,372,879 in Transaction Volume in Second Quarter

Rapidly Increasing Membership and Merchant Participation at BSP Rewards Stimulates Growth

MARGATE, FL -- (MARKET WIRE) -- July 11, 2006 -- BSP Rewards, a subsidiary of MediaNet Group Technologies (OTCBB: MEDG), announced today that they have processed $1,372,879 of participating merchant transactions through its on-line mall platform for the second quarter of 2006, an increase of 60% compared to the $852,710 in transactions reported for the first quarter of 2006.

"Since its launch in January of 2005, The Company has continued to increase individual membership, the number of participating merchants in the network and the revenue and transactions generated through the platform," said Mr. Martin Berns, Chief Executive Officer of MediaNet Group. "We added 20 additional new merchants in June, many of which are among the nation's best know retailers. Although revenue generated from these transactions is nominal, the growth in memberships, merchants and transactions are key trends that point to solid execution of our business strategy."

BSP Rewards builds, brands, customizes and administers their proprietary loyalty/rewards/mall program for each client and organization. Members receive up to 15% in rewards and up to 60% in discounts when purchasing merchandise and other products from the nation's best retailers through the BSP network.

Details about the program can be viewed at www.bsprewards.com

MediaNet Group Technologies is a publicly held Company (OTCBB: MEDG) that encompasses an integrated group of operating divisions that revolve around the many aspects of technology and media including, branded rewards programs web portal programs, television and video production and intellectual properties.

Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. MediaNet Group Technologies, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies.

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